Commercial agents Gorman Kelly have sold a brilliant Hawthorn East property at auction for $5 million.
Located at 178-180 Camberwell Road, Hawthorn East, the offering is currently tenanted to The Butler Dry Cleaners and Purple Sands Asian Cuisine, returning approximately $260,302 net per annum.
Perfectly located, the Camberwell Road retail asset had been owned by the same family for over 30 years, Gorman Kelly agents structuring the current leases in order to attract strong interest from both developers and long term investors throughout the auction campaign.
A Gorman Kelly spokesperson said it was “extremely satisfying” to achieve such a great result for their long term clients.
A mix of commercial property investors and traditional residential purchasers helped push a unique opportunity to purchase 8 individual titles in one, past a $2.4 million reserve to finish at $2.715 million.
Sold by Beller Commercial, the impressive block of apartments, at 184 Sycamore Street, Caulfield South, sit on approximately 625 sqm and currently returns $104,000 (approx.) in rental income per annum.
Situated close to Hawthorn and Glen Huntly road trams, Glen Huntly Train Station and shopping, the remarkable result represented a sharp 3.8% yield and approximately $340,000 per unit.
Lemon Baxter and Colliers International will offer a prime 4 level commercial office building in South Melbourne for sale via an Expression of Interest (EOI) campaign.
The property at 52 Albert Road, South Melbourne, is currently leased by 2 individual tenants, returning approximately $580,000 per annum.
Zoned commercial 1, the 1798 sqm building sits on approx. 612 sqm of land nestled between St Kilda Road and Kings Way and has basement car parking for 17 cars.
EOI will close by Wednesday, 29th November 2017 at 3pm.